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Is Poor Planning Taxing Your Business’ Growth?

A lot of thought and preparation go into running a small business. With so many different responsibilities as a business owner, planning is of the utmost importance. The things that allow your business to operate on a daily basis like staff scheduling and ordering inventory tend to hog most of your attention, sending other tasks like financial planning to the back of the line.

Finances and taxes require as much, if not more attention, than the day to day stuff. It’s a common problem that many business owners face — being too busy to draft a financial plan for your business on your own. If your hands are full, or you don’t have the financial background to feel comfortable doing it yourself, a professional tax assistant or personal finance manager can be a valuable asset.

Tax consultants can help businesses avoid commonly made mistakes that could cost them big bucks down the road. Hiring a tax professional is an additional expense that some business owners deem unnecessary, however, considering the money it can save you in the long run, this type of service often ends up paying for itself.

Here are some of the most common issues that small businesses have with taxes:

  • Improper deduction of start-up costs
  • Not separating business and personal expenses
  • Including sales tax when reporting income
  • Keeping poor records
  • Misclassifying employees

Not knowing when to deduct your startup costs, along with missing information in your financial records, can prevent you from filing for write-offs that you are entitled to. Financial guidance is a useful tool that is under-used in today’s business environment.

One of the things that financial advisors may suggest is a working capital loan to help your business operate more comfortably. Business owners can use these kinds of loans to finance things like equipment, inventory and staffing.

Companies like Fast Capital 360 provide fast online business funding for small to medium-sized businesses, allowing them the ability to make decisions that will help to grow their company without risking running out of capital.

Fast Capital 360’s application process is quick and easy, requiring only a few minutes of the average applicant’s time.

Having a sound business plan, seeking professional tax advice and securing a working capital loan when you need one, are a few of the many ways that small businesses can improve their financial situation. These steps can remove some of the daily stress that do-it-all small business owners endure. If poor planning is stunting your business’s growth, financial organization could be what it needs to flourish.

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